Whether it’s the Brexit effect, the natural cyclical end of record low interest rates two years ago, or the desire to stay put and release some funds for home improvements, a growing number of homeowners have taken the opportunity to remortgage in 2018.
And, with an increasingly complex range of property finance products on offer, more of us are choosing to use a mortgage broker to help us navigate the market and ensure we find the best mortgage to suit our needs.
83% of remortgage applicants now use a mortgage broker
According to research by leading conveyancing service provider LMS, remortgaging volumes reached an eight-year high in July 2018 and, year-on-year, the number of borrowers consulting a mortgage broker when they remortgaged rose – up from 70% in July 2017 to 83% in July 2018.
LMS’ chief executive Nick Chadbourne commented: “In an environment where so many products are available, more people are looking to mortgage brokers for advice. Our data shows that the number of remortgagers consulting a broker has risen to 83% – the highest we have come across.
“In the current landscape, it’s sensible to consult a broker to get the best deals, considering not only headline rates but the additional value of extras such as free legals. Brokers can help people make sensible decisions and select the right product to suit their individual requirements.”
Is now the right time to remortgage?
NM Finance’s advice continues to be that anyone who does not intend to move in the foreseeable future and is currently on a variable standard rate mortgage should take advice to ensure that they are not paying too much each month for their mortgage.
What should you do now?
For more information try our remortgaging guide or call us today. Our expert advisers can help you to make sure that you’re getting the best deal, and the best rate, for your mortgage.
Call now for a free, no-obligation mortgage health check.
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